New study reveals Millennials spend nearly $100K in rent costs by age 30

Rent drains Millennial generation

If Millennials needed more reason to join the housing market, RENTCafe has just offered it. According to a new study from the apartment listing site, the average Millennial will spend a shocking $93,000 in rent costs by the time they’re 30.

The over-paying generation

RENTCafe recently looked at U.S. Census data, Millennial incomes and average rent costs to determine just how much this up-and-coming generation is paying in rent. And according to the finding? They pay nearly $100K by age 30.

“Millennials do carry the weight of a very heavy rent burden and pay a ton of money on rent,” RENTCafe’s Florentina Sarac wrote. “Millennials pay a whopping $92,600 in total rent by the time they turn 30, more than what their Baby Boomer parents paid by the time they hit the same age.”

The study showed that Generation Xers paid just $82K in rent by age 30, while Baby Boomers paid $71K over the same time period.

Why Millennials?

According to study, there are several reasons Millennials are so rent-burdened. One is increased student loan debt.

“Besides the heavy rent burden, there are several other reasons why Millennials witness such big financial challenges,” Sarac wrote. “One of them is the ever-increasing student loan debt, which many economists blame as the reason Millennials aren’t able to buy homes.”

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